Depreciation is the reduction in the cost of an asset used for business purpose over a period of time due to factors such as usage, passage of time, wear and tear, technological out-dating or obsolescence, depletion, inadequacy, rot, decay.
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Methods of calculating depreciation:
- Straight line depreciation (Straight line depreciation, Salvage value)
- Declining balance method
- Activity depreciation
- Sum-of-years digit method
- Units-of-production depreciation method
- Group depreciation methods
- Composite depreciation methods
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